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S$110 million top bid for Fusionopolis site

Singapore-based Ascendas Real Estate Investment Trust (A-REIT) has submitted the highest bid of S$110 million for a business park site at Fusionopolis.

The public tender for the 6,253 sq m site at Fusionopolis Link, launched by industrial landlord JTC Corp, ended on 20 May and drew seven bids.

A-REIT's bid of S$110 million (S$4,397.89 psm ppr) was 29 percent higher than the second-highest bid of S$85.24 million by Mapletree Trustee Pte Ltd.

If awarded the site, A-REIT will develop it into a contemporary business facility with a gross floor area (GFA) of 25,000 sq m, featuring 40 percent office space and 60 percent business park space.

The facility will also feature infocomm technology and media industries, as well as research and development activities in engineering and physical science.

Located within the 200 ha One-North development housing research facilities and business parks, the site has a 60-year lease and is included on the confirmed list of the government's industrial land sales programme for H1 2011.

The site has a maximum plot ratio of four and can be developed up to 160 metres above sea level. It is close to the One-North MRT station, which is set to open in the fourth quarter this year.

"The strategic location of the site will reinforce A-REIT's presence and market share within the business and science parks segment, while achieving economics of scale in operations," A-REIT said.

Other bidders for the site include a joint venture (JV) between Ho Lee Properties and ZACD Investments (S$83.1 million), Far East Organization unit Tuas Hi-Tech Park Pte Ltd (S$64.78 million), Ho Bee Investment (S$60.18 million), Soilbuild Group (S$54.12 million) and Cambridge Industrial Trust (S$50.38 million).

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